Japan’s SBI and Startale plan regulated yen stablecoin in 2026 under new framework

cointelegraphPublished on 2025-12-16Last updated on 2025-12-16

Abstract

SBI Holdings and Startale Group have signed an MoU to develop a fully regulated Japanese yen stablecoin, targeting tokenized asset markets and global settlement. The stablecoin will be issued by Shinsei Trust & Banking, a subsidiary of SBI Shinsei Bank, and circulated via SBI VC Trade. It is scheduled to launch in Q2 2026, pending regulatory approval. This initiative aligns with Japan's broader regulatory framework for stablecoins, which positions trust banks and licensed entities at the center of on-chain settlements. The project aims to support cross-border transactions, tokenized equities, and real-world asset flows, complementing existing bank-led pilots in the country.

Japanese financial conglomerate SBI Holdings and Web3 infrastructure company Startale Group have signed a memorandum of understanding (MoU) to develop a fully regulated Japanese yen-denominated stablecoin, targeting tokenized asset markets and global settlement, the companies said in a press release shared with Cointelegraph.

Under the MoU, the project will be issued and redeemed by Shinsei Trust & Banking, a wholly-owned subsidiary of SBI Shinsei Bank. At the same time, the licensed crypto asset exchange service provider, SBI VC Trade, will support circulation of the stablecoin.

Yoshitaka Kitao, the representative director, chairman and president of SBI Holdings, said that issuing a yen-denominated stablecoin with Startale will serve as a foundation for the country’s transition into a token economy.

“By circulating it both domestically and globally, we aim to dramatically accelerate the movement toward providing digital financial services that are fully integrated with traditional finance,” he said.

The stablecoin is expected to launch in the second quarter of 2026, subject to regulatory approvals and the completion of compliance frameworks.

Japan accelerates stablecoin efforts

The initiative comes as Japan accelerates efforts to formalize stablecoin issuance under a clear regulatory framework, positioning trust banks and licensed entities at the center of onchain settlement infrastructure.

Japan’s Financial Services Agency (FSA), the regulator responsible for banking, securities and exchange and insurance sectors, recently launched its Payment Innovation Project, a regulatory sandbox for blockchain-based payments.

The program’s first official pilot backed yen-denominated stablecoins issued by three of the country’s megabanks, which are Mitsubishi UFJ Financial Group (MUFG), Bank Sumitomo Mitsui Banking Corp. (SMBC) and Mizuho Bank.

Against this backdrop, the Startale and SBI effort intends to complement bank-led pilots by introducing a programmable, trust-bank-issued digital yen designed for cross-border settlement, tokenized equities and real-world asset (RWA) flows.

Related: South Korean regulator misses stablecoin bill deadline: What’s next?

SBI advances stablecoin integrations

SBI emerged as a central player in Japan’s evolving stablecoin landscape, pursuing a multicurrency strategy that spans both dollar and yen-denominated assets.

In March, SBI VC Trade integrated Circle’s USDC stablecoin into its exchange platform as the country softened its stablecoin rules. This means that the exchange was among the first platforms in Japan to offer crypto trading in USDC.

On Aug. 21, Ripple announced that it was bringing its RLUSD stablecoin to Japan in early 2026 through a partnership with SBI VC Trade. The company said it would offer institutions and users a regulated stablecoin designed for enterprise use cases.

Magazine: Koreans ‘pump’ alts after Upbit hack, China BTC mining surge: Asia Express

Related Reads

There’s An FOMC Meeting Scheduled This Month, But Will The Fed Decision Affect Bitcoin?

The Federal Open Market Committee (FOMC) is scheduled to meet on June 16-17, with markets widely expecting the Fed to maintain interest rates at their current level of 3.5-3.75%. According to the CME FedWatch Tool, there is a 99.4% probability of rates remaining unchanged. The outcome of this meeting is anticipated to impact Bitcoin's price. If rates are held steady, Bitcoin's current market trajectory is likely to continue unchanged. Conversely, an unexpected rate hike could trigger bearish sentiment by reducing investor risk appetite and market liquidity, potentially leading to sell-offs. A rate cut, though currently considered improbable, would be the most bullish scenario, encouraging investment in risk assets like Bitcoin and potentially driving its price higher.

bitcoinist1h ago

There’s An FOMC Meeting Scheduled This Month, But Will The Fed Decision Affect Bitcoin?

bitcoinist1h ago

Anthropic's IPO Launch: Commercial Miracle or Valuation Bubble?

Anthropic has confidentially filed for an IPO, led by Morgan Stanley and Goldman Sachs, potentially going public by October. Following its latest $650 billion funding round, its pre-IPO valuation stands at $965 billion, with projections reaching up to $2 trillion at listing, which would make it the highest-valued private company ever. The article, written by Fu Sheng, addresses skepticism that this represents an AI bubble akin to the 2000 dot-com crash. It argues the current situation differs fundamentally. Unlike the internet bubble era, which relied on speculative narratives with little revenue, Anthropic's valuation is backed by unprecedented, measurable financial performance. Key data points include: * **Revenue Growth:** ARR skyrocketed from $10 billion in early 2025 to $470 billion by May 2026, targeting $100 billion by year-end—a growth curve unmatched in business history. * **Profitability:** It achieved operating profitability in Q2 2026 with an estimated $5.6 billion profit. * **Efficiency:** With ~3,000 employees and ~$470 billion ARR, its revenue per employee exceeds $10 million. Products like Claude Code, launched less than a year ago, already generate $25 billion in annualized revenue. * **Enterprise Adoption:** It boasts a strong enterprise client base, with 8 of the Fortune 10 and over 1,000 large firms spending over $1 million annually on Claude. The valuation is framed using a traditional SaaS model (e.g., a 10x Price-to-Sales multiple on $100 billion revenue). The author contends the core question for analysts has shifted from "How big could this be?" to "How much is it earning and will earn next quarter?" The discussion extends beyond Anthropic to a broader paradigm shift: the transition from a "carbon-based" to a "silicon-based" economy. Companies are increasingly prioritizing investment in compute and AI capabilities over human resources, as these directly scale productivity and competitive advantage. Anthropic's IPO is thus positioned not just as a corporate milestone, but as a price anchor for this new economic era.

链捕手1h ago

Anthropic's IPO Launch: Commercial Miracle or Valuation Bubble?

链捕手1h ago

US Senators Press Bank Regulators For ‘Fair’ Crypto Capital Rules

A group of U.S. Senate Republicans, led by Senator Cynthia Lummis, is urging federal bank regulators to establish clear and fair capital rules for banks involved with crypto assets. In a letter to the Federal Reserve, FDIC, and OCC, the lawmakers criticized the international Basel Committee's standards, which impose a punitive 1,250% risk weight on crypto assets, calling it a de facto ban not based on actual risk. They applauded recent interagency guidance that granted tokenized securities the same capital treatment as traditional ones, arguing this risk-based principle should apply consistently to all digital assets. The senators called on the agencies to develop a new capital framework, aligning with recent legislative progress on crypto market structure. Their push coincides with testimonies from top regulators, who emphasized a shift toward more risk-based supervision and responsible innovation, while also addressing stablecoin oversight under new proposals.

bitcoinist1h ago

US Senators Press Bank Regulators For ‘Fair’ Crypto Capital Rules

bitcoinist1h ago

Near Returns to the AI Stage: Transformation into a Public Chain Due to 'Payroll Difficulties,' Agent and Privacy Emerge as New Growth Narratives

NEAR Returns to AI Origins: From Payroll Struggles to Blockchain, Now Focusing on AI Agents and Privacy NEAR Protocol's journey began not with grand blockchain ambitions, but from a practical hurdle: its AI startup founders, including Transformer paper co-author Illia Polosukhin, couldn't efficiently pay international developers in 2017. This led them to pivot and build a high-performance, scalable blockchain. After years navigating various crypto narratives like sharding and cross-chain interoperability, NEAR is now leveraging its AI roots to re-enter the AI arena. A key driver is its "NEAR Intents" layer, which abstracts complex cross-chain transactions. Users simply state their goal (e.g., swap BTC for ETH), and a solver network finds the optimal route. This system has processed over $20B in cross-chain volume, generating significant fee revenue. A major growth area is private transactions via "Confidential Intents/Swaps," which hide trade details until settlement to protect against MEV and front-running. Remarkably, private swaps recently accounted for over 40% of NEAR's transaction volume, highlighting strong demand but also potential regulatory scrutiny. With its AI-founder pedigree, NEAR is positioning itself at the intersection of blockchain, AI agents, and privacy, aiming to become infrastructure for the emerging agent economy while navigating the challenges of its rapid adoption.

marsbit4h ago

Near Returns to the AI Stage: Transformation into a Public Chain Due to 'Payroll Difficulties,' Agent and Privacy Emerge as New Growth Narratives

marsbit4h ago

From Ethereum to AI's 'CROPS': What Exactly is This Set of 'Slow Variables' That Vitalik Repeatedly Emphasizes?

In recent discussions, Vitalik Buterin has frequently emphasized the concept of "CROPS," a framework defining core values for Ethereum's development. CROPS stands for Censorship Resistance, Capture Resistance, Open Source, Privacy, and Security. Initially outlined in the Ethereum Foundation's "EF Mandate," it represents a commitment to user sovereignty, ensuring that the network resists external control, remains open, protects privacy, and prioritizes security. The relevance of CROPS extends beyond Ethereum's foundational principles, becoming crucial in the context of AI integration. As AI agents begin handling wallet operations and automated transactions, the risk increases that users may cede control over their digital assets, privacy, and intentions to centralized AI service providers. A "CROPS AI" would therefore emphasize local execution where possible, privacy-preserving remote model calls (e.g., using zero-knowledge proofs), and transparent, verifiable processes to maintain user agency. Vitalik highlights a significant convergence between "CROPS Ethereum access layer" and "CROPS AI." Both address the same fundamental challenge: how users can access powerful services—be it blockchain data via RPCs or AI models—without exposing sensitive information or relinquishing ultimate control. This intersection points toward a future digital entry point that is more private, secure, and user-controlled. Ultimately, CROPS is not merely an abstract ideal but a practical guidepost. It steers development—from protocol resilience and wallet design to AI agent safety—towards a future where users retain self-sovereignty even as digital systems grow more complex and powerful. In an era of accelerating AI adoption, these "slow variables" of censorship resistance, openness, privacy, and security may define Ethereum's enduring value.

marsbit4h ago

From Ethereum to AI's 'CROPS': What Exactly is This Set of 'Slow Variables' That Vitalik Repeatedly Emphasizes?

marsbit4h ago

Trading

Spot
Futures

Hot Articles

Discussions

Welcome to the HTX Community. Here, you can stay informed about the latest platform developments and gain access to professional market insights. Users' opinions on the price of S (S) are presented below.

活动图片

Top Questions